Stretch provision is the ability to waive a player, and then spread their cap hit over twice the length, plus a year, than it would have been. Say Kleiza has 2 years left at 4.6M per. The stretch provision would allow the team to waive him, but change the cap hit. Usually, the full 4.6M would stay on the cap for the next two years. What the stretch provision does is spread the cap hit over 5 years (twice the original 2 year length, plus 1). So the 9.2M spread over 5 years is 1.84M per year.

The problem with the suggestion is that it is only applicable to players signed under the new CBA (kind of the opposite requirement as the amnesty clause), so Kleiza doesn't qualify.